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Corporate Law : IBBI updates reporting rules for insolvency professionals, requiring timely assignment updates on its portal for CIRP, liquidation...
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Corporate Law : IBBI releases Phase 9 syllabus for Limited Insolvency Examination. Applicable from May 5, 2025, details available on the IBBI webs...
The objective of creating an insurance repository is to provide policyholders a facility to keep insurance policies in electronic form and to undertake changes, modifications and revisions in the insurance policy with speed and accuracy in order to bring about efficiency, transparency and cost reduction in the issuance and maintenance of insurance policies.
Expenditure incurred by the company on account of stamp duty and registration fee for the issue of bonus shares is allowable expenditure. The Supreme Court has reiterated its view as already expressed in 1964 in CIT Vs. Dalmia Investment Co Ltd (1964) 52 ITR 567 (SC). However, the Gujrat High Court in Ahmedabad Mfg. & Calico Pvt Ltd Vs. CIT (1986) 162 ITR 800 (Guj) in 1986 and in other cases up to 1994 has taken a contrary view. Further, the Andhra Pradesh High Court in Vazir Sultan Tobacco Co. Ltd Vs. CIT (1988) 174 ITR 689 (AP) and (1990) 184 ITR 70 (AP) in 1988 and up to 1990 has also taken a contrary view. It is unfortunate that Hon’ble Gujrat High Court and Hon’ble Andhra Pradesh High Court have clearly violated the mandate of Article 141 of the Constitution; the concept is discussed in detail later on hereinafter.
The yardstick would be to judge as to whether allegation in the adjudication proceeding as well as proceeding for prosecution is identical and the exoneration of the person concerned in the adjudication proceeding is on merits. In case it is found on merit that there is no contravention of the provisions of the Act in the adjudication proceeding, the trial of the person concerned shall be an abuse of the process of the court.”
ARTICLE 142 of the Constitution of India DO NOT CONSTITUTE A BINDING PRECEDENT. Even therein, the scope and ambit of this Court’s jurisdiction under Article 142 vis-`-vis existence of the statue and statutory rules and the constitutional mandate contained in Articles 14 and 16 of the Constitution of India had not been taken into consideration.
Recently, hon’ble Supreme Court in RAJENDRA PRASAD GUPTA V. PRAKASH CHANDRA MISHRA & ORS. {(2011) 2 SCC 705; Civil Appeal No(s). 984 of 2006-Decided on 12-01-2011} has held as follows (in para 2). Rules of procedure are handmaids of justice. Section 151 of the Code of Civil Procedure gives inherent powers to the court to do justice. That provision has to be interpreted to mean that every procedure is permitted to the court for doing justice unless expressly prohibited, and not that every procedure is prohibited unless expressly permitted.
The aspect of whether the provision of Section 33 is directory or mandatory WAS NOT CONSIDERED BY THE SUPREME COURT IN THE CASE OF M. ANASUYA DEVI’S CASE (supra), and in fact, SECTION 33 OF THE STAMP ACT HAS NOT EVEN BEEN ADVERTED TO in the said judgment. The Supreme Court in the case of N. Bhargavan Pillai Vs. State of Kerala 2004 (13) SCC 217 has laid down that when any judgment, even of a Supreme Court, does not advert to a direct provision of law then, the JUDGMENT IS TO BE TREATED AS HAVING BEEN RENDERED PER INCURIAM.” (capitals mine)
(i) It is evident that EVERY INSTRUMENT shall be chargeable with duty, which is EXECUTED in India. (ii) The terms & conditions on “Airline ticket” or “Courier consignment receipt” etc are accepted orally by the buyer, rather there is IMPLIED ACCEPTANCE.iii) Therefore, “Airline ticket” or “Courier consignment receipt” etc are not EXECUTED INSTRUMENTS by both the parties, hence not chargeable with duty.
“Since the rate of interest (on deposits) for 2010-11 has been declared as 9.5 per cent per annum, settlement of claims of the EPF subscribers during 2011-12 shall be made at 9.5 per cent per annum till rate of interest is declared for 2011-12,” said an order issued by the Employees’ Provident Fund Organisation (EPFO).
IRDA requests for proposal from reputed Firms/Organizations to report on industry-wide trends of fraudulent behaviour affecting the insurance industry. The detailed RFP document is attached (.pdf document) .Last date for receipt of BIDS is 20th May 2011 by 3:00 PM
The Enforcement Directorate on Wednesday told the Supreme Court that it will attach property worth Rs 2,000 crore of two companies involved in the 2G spectrum scam. The attachment process under the Prevention of Money Laundering Act (PMLA) and Foreign Exchange Management Act (FEMA) will be finished in the next two months, the ED said.
